The first documented mention of the hilltop castle dates back to 1213, when the Imperial Abbey of Kornelimünster near Aachen appointed Philipp III von Bolanden as "castellanus" and governor. Experts partly doubt or reject the first conquest in 1253. What is certain is the siege, conquest and destruction by King Rudolph of Habsburg in 1282. The castle was banned from being rebuilt. From 1290 onwards, the ruins were owned by the Counts Palatine, who gave them up in favour of the Electorate of Mainz in 1344. A new building was then quickly constructed. A double ring wall enclosed a rectangular residential tower and an inner courtyard of the main castle. A forecourt was located to the north. In 1397, after the Pope had appointed John II of Nassau Archbishop of Mainz, ignoring the election of the Mainz Cathedral Chapter the previous year, Archbishop Gottfried von Leiningen, elected in 1396, barricaded himself in the castle. Only after tough negotiations did he give up the bishop's seat and was instead given the office of provost of Mainz Cathedral. His concession prevented another attack on the castle and possible further destruction.
The castle had been left to decay since the 16th century. The remains were blown up in 1689 during the War of the Palatinate Succession. In 1834 Franz Wilhelm von Barfus bought the ruins and converted a tower into his residence. His heirs sold the castle to Baron von Rehfuß in 1877 and he sold it to Consul Chosodowsky in 1889.
The castle was given its current appearance by Baron Nikolaus von Kirsch-Puricelli, a wealthy industrialist and owner of the Rheinböllerhütte. From 1899 to 1902, Kirsch-Puricelli had the castle rebuilt into a neo-Gothic residential castle in the Tudor style according to plans by the Regensburg architect Strebel. Additional residential buildings and an observation tower were built on the site of the outer castle. Reichenstein was the last castle in the Upper Middle Rhine Valley to be rebuilt in the spirit of Rhine Romanticism. After the castle was sold by the family in the 1990s, media entrepreneur Lambert Lensing-Wolff, a descendant of the Kirsch-Puricelli family, acquired Reichenstein Castle in 2014 as a weekend residence and also runs a museum and a hotel with a restaurant here.